Key Bank refuses to return my son's money unless their demands are met.

January 6, 2008

On January 2, 2006, I took my 17 year old son to Key Bank to cash in his savings bonds that his deceased grandfathers purchased for him since his birth. He decided to open a student checking account and a savings account with the money. My name was added to his account because he was only 17.

We provided the bank with his NYS photo ID, School ID, Social Security Card and Birth Certificate. Since my name was also added to the account, I also had to provide ID to open his accounts even though I have a checking account with Key Bank. The accounts were opened and my son was given an ATM card as well. He left the bank excited because he could now purchase the Wii he had wanted and possibly a car.

Two days later, I received a call from MaryAnn, the branch manager telling me that my son and I had to come back into the bank and bring in ALL of his documents for the bank to make copies of, or his accounts would be CLOSED in 10 days. I told MaryAnn that I did not feel comfortable with the bank having copies of ALL his personal documents. She said it was because of the Patriot Act. I found that to be untrue. Banks only need to keep "written" documetation.

My son and I went to the bank's ATM to withdraw some money and his card was confiscated. MaryAnn never mentioned that my son would not have access to his money, only that the account would be closed in 10 days if the document copies were not received. We entered the bank and were allowed to withdraw a small portion of his money. Evidently, the teller was not suppose to over-ride the system because now he isn't allowed any access to his money.

I told MaryAnn we were not going to allow the bank to make copies of ALL of his personal information and she said in that case the account would be closed.

My son and I went to another local bank and opened a savings account with them. That bank did not make copies of all of his documents. The only document the bank needed to copy was his NYS photo ID, which was fine with us.

We then went back to Key Bank to close my son's accounts and and get the rest of his money. MaryAnn refused to do so. She said we had to get PERMISSION to close the accounts and receive HIS money. At one point, MaryAnn said that the account could not be closed until the bank got a copy of my son's birth certificate. I guess my name on his account has no meaning. I can't understand why MaryAnn told me that it had to be on his account, since the bank won't even close the account and return my son's money at my request.

I am now more than furious with Key Bank. Since it is the weekend and they are closed I have had time to think. I am expected to go back to the branch tomorrow, and wait while MaryAnn calls another branch to get PERMISSION to close my son's accounts and give him back his money.

In the meantime, I realized that my 17 year old son is a MINOR in the eyes of the law. I drew up a letter for MaryAnn's signature stating that as the parent of my 17 year old minor son, that I am no longer giving him permission to have any bank accounts with Key Bank. I am demanding the return of his money immediately. I also stated that if the bank refuses, I will take further action and will be charging Key Bank interest for each day the bank has possession of his money. I also sent the same letter by email to Key Bank.

I checked into the papers that were given to my son governing his accounts. Even the bank papers he was given say the bank only needs to SEE his documents to verify them. I am going to show MaryAnn a copy of that paper also.

I am now wondering if Key Bank is discriminating against teens under the age of 18? My oldest son has had several bank accounts since he was 16 or 17 and NONE of the banks he ever had accounts with ever DEMANDED copies of his personal information except for his NYS photo ID. So, I don't understand why Key Bank says that they have to have the information?

I will never do business with Key Bank ever again. This is the fourth time I have done business with them and the fourth time they have made a mess of things. As far as I am concerned, they are the worse bank a person can do business with.

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